MISC. Info
IF MY SPOUSE HAS TO GO TO A
NURSING HOME WHAT ASSETS MAY I KEEP?
For Medicaid to pay for your spouse's nursing home care you and your
spouse together are allowed at least $47,104 (and possibly more) of
resources plus at least one car, a home (there are restrictions on the
equity in the home) and a few other items.
Good legal advice can help you:
- Qualify for Medicaid even with
resources greater than $47,104.
- Avoid the Medicaid lien on your
home.
- Make the changes needed in your
will, your community property agreement and your deed - when your
spouse is on Medicaid - to avoid your spouse losing benefits if
you die first.
If you are faced with this dilemma you
should explore your options with a Medicaid attorney.
FOR A FREE MEDICAID PAMPHLET or upcoming Medicaid classes CALL
(360) 816-2485 and request article C825. |
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PROTECT DISABLED
CHILD
Liz Perry
Many parents with a child who is disabled wonder how to protect that
child after they are gone. They worry that anything they leave the child
will disqualify him for governmental help.
A special needs trust can hold the disabled child's share. If it is done
correctly, the child will not be disqualified from receiving SSI or
Medicaid. (A trust is also helpful to protect a grown child who,
although not disabled, has never mastered the art of handling money
wisely.) If a member of your family is disabled, avoid the mistakes
which can result in loss of assets. Protect your loved one by working
with an attorney knowledgeable about special needs trusts.
FOR A FREE PAMPHLET ON TRUSTS or upcoming trust classes, CALL
(360) 816-2485 and request article C804 |
LIVING TRUST
By Liz Perry
The revocable living trust, which is so popular now, is often used for
the purpose of avoiding probate. The simple premise is that if you don't
own anything in your name when you die, you don't need a probate. The
mechanics consist of creating a trust and transferring all your assets
to the trustee (who is usually you). At that point, you own nothing in
your name that will require a probate. Before rushing to get a trust, it
is important to explore with an attorney knowledgeable about estate
planning if there are other, less expensive ways of avoiding a probate,
i.e., community property agreement, life estate deed, joint tenancy
agreement, etc.
FOR A FREE PAMPHLET ON TRUSTS or
upcoming trust classes, CALL
(360) 816-2485 and request article C901
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Should you REVOKE your
COMMUNITY PROPERTY AGREEMENT?
By Liz Perry
Many of my clients who are in their late 60’s or older are revoking
their Community Property Agreements and using a Testamentary Special
Needs Trust to protect their assets from being wiped out if their
surviving spouse needs nursing home care.
This is especially true of my clients who cannot qualify for long term
care insurance.
A testamentary special needs trust is a very powerful Medicaid planning
technique but you can only do it while your spouse is alive and you are
competent.
If you are at this point in your life you should review your estate
planning with an attorney who specializes in Medicaid.
FOR A FREE Medicaid
article or upcoming classes, CALL
(360) 816-2485 and request
article C1110
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TRUST or WILL?
LIZ PERRY
Attorney at Law
Many of my clients call asking whether they should have a will or a
trust. Like so many things in life, the answer is “it depends”.
If your goal is avoiding probate, maybe a community property agreement
is the answer rather than a trust.
On the other hand, if your goal is:
• Avoiding estate taxes,
• Protecting your child’s inheritance from divorce,
• Avoiding probate of out-of-state real estate,
• Dealing with second marriage issues,
• Protecting a disabled child, etc.
Maybe a trust is the best way to
achieve your goals.
You should review your goals with an attorney who specializes in estate
planning to know what’s right for you.
FOR A
FREE Trust pamphlet or upcoming classes CALL
(360) 816-2485. Request
article C0126
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Elizabeth A. Perry has been helping Clark County residents with their estate
planning and probate needs since 1976. She is a frequent seminar speaker.
Her practice emphasizes probate, Medicaid issues, wills, trusts, incapacity
issues, durable powers of attorney and guardianships. Phone: (360) 816-2485
Fax: (360) 816-2486 E-mail: liz.perry@landerholm.com
(The above should not be construed as specific legal advice and is intended
for general information purposes only.)
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